Viasat (VSAT) Financials

$15.38 +0.03 (+0.18%)

As of 12:24 PM Eastern

Annual Income Statements for Viasat

This table shows Viasat's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/3/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	40	22	24	-67	-68	-0.21	3.69	-16	1,085	-1,069	-575
Consolidated Net Income / (Loss)	40	22	22	-68	-66	14	17	-2.48	1,091	-1,058	-531
Net Income / (Loss) Continuing Operations	40	22	22	-68	-66	14	-66	-102	-212	-1,047	-531
Total Pre-Tax Income	54	18	25	-105	-110	1.43	-78	-138	-162	-1,194	-545
Total Operating Income	83	41	36	-92	-61	38	-46	-113	-156	-890	-97
Total Gross Profit	419	433	510	474	531	700	565	706	721	1,382	1,490
Total Revenue	1,383	1,417	1,559	1,595	2,068	2,309	1,921	2,417	2,556	4,284	4,520
Operating Revenue	1,383	1,417	1,559	1,595	2,068	2,309	1,921	2,417	2,556	4,284	4,520
Total Cost of Revenue	964	984	1,049	1,121	1,538	1,610	1,356	1,711	1,835	2,902	3,030
Operating Cost of Revenue	964	984	1,049	1,121	1,538	1,610	1,356	1,711	1,835	2,902	3,030
Total Operating Expenses	335	392	474	566	591	661	611	819	877	2,271	1,587
Selling, General & Admin Expense	271	298	333	385	458	523	497	641	719	1,894	1,181
Research & Development Expense	47	77	130	168	123	130	109	149	129	151	142
Amortization Expense	18	16	11	12	9.66	7.61	5.48	29	30	227	264
Total Other Income / (Expense), net	-29	-24	-11	-13	-50	-37	-32	-25	-6.20	-304	-448
Interest Expense	31	26	12	4.03	50	39	33	29	27	400	522
Interest & Investment Income	2.02	2.23	1.01	0.96	0.15	1.65	0.44	0.50	20	96	84
Other Income / (Expense), net	-	-	0.00	-10	-	0.00	0.00	4.12	1.10	0.00	-9.98
Income Tax Expense	14	-4.17	3.62	-35	-41	-7.92	-11	-37	49	-139	-0.94
Other Gains / (Losses), net	-	-	0.00	1.98	3.00	4.47	0.56	-0.28	-0.07	6.98	13
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	84	99	1,302	-10	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.47	0.03	-2.00	-0.97	1.15	14	13	13	5.94	11	44
Basic Earnings per Share	$0.86	$0.45	$0.45	($1.15)	($1.13)	$0.00	$0.06	($0.21)	$14.29	($9.12)	($4.48)
Weighted Average Basic Shares Outstanding	47.14M	48.46M	52.32M	58.44M	59.94M	61.63M	66.44M	73.40M	75.92M	117.19M	128.48M
Diluted Earnings per Share	$0.84	$0.44	$0.45	($1.15)	($1.13)	$0.00	$0.06	($0.21)	$14.29	($9.12)	($4.48)
Weighted Average Diluted Shares Outstanding	48.29M	49.45M	53.40M	58.44M	59.94M	61.63M	66.44M	73.40M	75.92M	117.19M	128.48M
Weighted Average Basic & Diluted Shares Outstanding	46.90M	48.30M	52.80M	58.50M	59.80M	62.15M	72.53M	74.44M	76.91M	125.86M	130.32M

This table shows Viasat's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-48	-42	1,197	-77	-767	-124	-100	-33	-138	-158	-246
Consolidated Net Income / (Loss)	-48	-40	1,200	-77	-766	-119	-96	-22	-122	-147	-241
Net Income / (Loss) Continuing Operations	-70	-45	-59	-77	-766	-119	-85	-22	-122	-147	-241
Total Pre-Tax Income	6.94	-40	-68	-78	-858	-157	-101	-23	-119	-162	-241
Total Operating Income	4.69	-31	-73	-42	-805	-44	0.30	60	-25	21	-154
Total Gross Profit	222	168	174	235	459	361	326	416	347	362	365
Total Revenue	664	651	666	780	1,225	1,129	1,150	1,126	1,122	1,124	1,147
Operating Revenue	664	651	666	780	1,225	1,129	1,150	1,126	1,122	1,124	1,147
Total Cost of Revenue	442	483	492	545	766	767	824	711	775	762	782
Operating Cost of Revenue	442	483	492	545	766	767	824	711	775	762	782
Total Operating Expenses	217	200	247	276	1,264	405	326	356	372	341	519
Selling, General & Admin Expense	177	163	207	220	1,149	272	253	251	272	238	419
Research & Development Expense	32	29	32	29	33	42	46	39	33	37	34
Amortization Expense	7.38	7.43	7.48	28	81	92	26	66	66	66	66
Total Other Income / (Expense), net	2.26	-8.22	4.50	-37	-54	-113	-101	-83	-95	-183	-87
Interest Expense	4.64	8.75	7.55	56	86	134	125	106	115	94	206
Interest & Investment Income	6.81	0.53	12	19	32	21	24	23	24	18	20
Income Tax Expense	77	5.21	-9.63	-0.53	-93	-34	-11	1.18	5.92	-12	3.76
Other Gains / (Losses), net	-0.04	-0.01	-0.01	0.83	-0.50	2.69	3.96	2.75	3.44	3.41	3.64
Net Income / (Loss) Attributable to Noncontrolling Interest	0.68	1.80	2.93	0.10	1.48	5.05	4.36	11	16	12	5.32
Basic Earnings per Share	($0.64)	($0.55)	$15.77	($0.83)	($6.16)	($0.99)	($1.14)	($0.26)	($1.07)	($1.23)	($1.92)
Weighted Average Basic Shares Outstanding	75.76M	76.14M	75.92M	93.11M	124.53M	125.10M	117.19M	126.58M	128.38M	128.94M	128.48M
Diluted Earnings per Share	($0.64)	($0.55)	$15.77	($0.83)	($6.16)	($0.99)	($1.14)	($0.26)	($1.07)	($1.23)	($1.92)
Weighted Average Diluted Shares Outstanding	75.76M	76.14M	75.92M	93.11M	124.53M	125.10M	117.19M	126.58M	128.38M	128.94M	128.48M
Weighted Average Basic & Diluted Shares Outstanding	75.59M	76.37M	76.91M	124.05M	124.51M	125.32M	125.86M	127.78M	128.39M	129.12M	130.32M

This table details how cash moves in and out of Viasat's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/3/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	-6.08	-10	88	-59	190	43	-8.36	15	1,069	522	-289
Net Cash From Operating Activities	350	297	411	359	328	437	727	506	368	688	908
Net Cash From Continuing Operating Activities	350	297	411	359	328	437	719	506	368	688	908
Net Income / (Loss) Continuing Operations	40	22	22	-68	-66	14	17	-2.48	1,091	-1,058	-531
Consolidated Net Income / (Loss)	40	22	22	-68	-66	14	17	-2.48	1,091	-1,058	-531
Depreciation Expense	180	193	201	210	262	280	331	407	410	868	1,036
Amortization Expense	42	49	45	45	56	62	66	88	91	290	324
Non-Cash Adjustments To Reconcile Net Income	76	90	101	82	96	129	124	134	-1,572	1,059	333
Changes in Operating Assets and Liabilities, net	12	-57	42	89	-21	-48	181	-121	349	-470	-255
Net Cash From Investing Activities	-477	-456	-715	-584	-489	-759	-885	-1,130	768	-1,291	-758
Net Cash From Continuing Investing Activities	-477	-456	-715	-584	-489	-759	-885	-1,130	768	-1,291	-758
Purchase of Property, Plant & Equipment	-366	-378	-515	-512	-637	-694	-827	-990	-1,164	-1,539	-1,030
Acquisitions	-110	-78	-228	-73	-52	-67	-58	-140	0.00	-343	0.00
Purchase of Investments	-	-	-	-	-	-	-	0.00	0.00	-82	0.00
Divestitures	-	-	-	-	-	-	0.00	0.00	1,932	0.00	20
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	164	0.00
Other Investing Activities, net	-	-	0.00	-	186	2.28	-	0.00	0.00	509	252
Net Cash From Financing Activities	121	149	393	166	355	365	150	644	-66	1,124	-443
Net Cash From Continuing Financing Activities	121	149	393	166	355	365	150	644	-66	1,124	-443
Repayment of Debt	-251	-2.62	-278	-597	-753	-64	-430	-620	-581	-620	-2,430
Payment of Dividends	-	-	-	-	-	-	0.00	0.00	-30	0.00	0.00
Issuance of Debt	364	351	167	753	1,110	420	400	1,266	540	1,737	1,975
Issuance of Common Equity	23	22	525	35	26	38	194	21	22	19	18
Other Financing Activities, net	-15	-221	-22	-24	-29	-29	-14	-23	-16	-12	-5.51
Effect of Exchange Rate Changes	-0.51	0.05	-1.07	1.43	-2.49	-0.71	0.01	-4.92	-0.84	0.28	3.83
Cash Interest Paid	30	22	10	3.72	35	28	24	15	11	229	390
Cash Income Taxes Paid	0.49	1.38	1.47	4.02	1.76	11	6.67	17	16	201	196

This table details how cash moves in and out of Viasat's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-72	33	1,197	613	-24	-348	280	-89	1,718	-1,973	56
Net Cash From Operating Activities	188	89	50	104	219	134	232	151	239	219	298
Net Cash From Continuing Operating Activities	188	89	50	104	219	134	232	151	239	219	298
Net Income / (Loss) Continuing Operations	-48	-40	1,200	-77	-766	-119	-96	-22	-122	-147	-241
Consolidated Net Income / (Loss)	-48	-40	1,200	-77	-766	-119	-96	-22	-122	-147	-241
Depreciation Expense	102	103	102	132	237	229	270	250	273	257	257
Amortization Expense	22	22	25	43	97	107	43	81	82	81	80
Non-Cash Adjustments To Reconcile Net Income	37	32	-1,674	31	848	44	135	39	44	133	117
Changes in Operating Assets and Liabilities, net	75	-27	397	-25	-197	-128	-120	-197	-38	-105	85
Net Cash From Investing Activities	-284	-296	1,619	-770	-231	-451	161	-222	-111	-193	-233
Net Cash From Continuing Investing Activities	-284	-296	1,619	-770	-231	-451	161	-222	-111	-193	-233
Purchase of Property, Plant & Equipment	-284	-296	-314	-375	-366	-421	-378	-301	-229	-253	-248
Other Investing Activities, net	-	-	-	0.00	-	-	-	80	118	60	-6.08
Net Cash From Financing Activities	24	238	-472	1,278	-9.86	-32	-112	-22	1,591	-2,005	-6.70
Net Cash From Continuing Financing Activities	24	238	-472	1,278	-9.86	-32	-112	-22	1,591	-2,005	-6.70
Repayment of Debt	-70	-12	-484	-54	-20	-24	-522	-21	-392	-2,002	-15
Issuance of Common Equity	-	-	12	0.08	10	-	9.16	0.00	9.66	-	8.36
Other Financing Activities, net	-0.33	-15	-0.57	-2.21	-0.35	-8.66	-0.49	-1.42	-0.98	-2.81	-0.30
Effect of Exchange Rate Changes	-1.07	1.84	0.32	0.62	-1.35	2.13	-1.12	3.44	-1.67	4.71	-2.65

This table presents Viasat's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/3/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	2,158	2,397	2,955	3,414	3,915	4,884	5,349	6,389	7,730	16,329	15,449
Total Current Assets	492	522	615	613	887	1,046	991	1,159	2,245	3,479	2,888
Cash & Equivalents	52	42	130	71	262	304	296	310	1,349	1,901	1,612
Restricted Cash	-	-	-	-	-	-	-	0.00	31	0.00	0.00
Accounts Receivable	266	287	264	268	300	331	239	312	420	678	700
Inventories, net	128	145	163	196	235	294	337	198	269	318	294
Prepaid Expenses	45	48	58	77	91	116	120	141	177	582	282
Other Current Nonoperating Assets	-	-	-	-	-	-	-	198	0.00	0.00	0.00
Plant, Property, & Equipment, net	1,180	1,385	1,649	1,962	2,125	2,587	3,050	3,705	4,378	7,557	7,406
Total Noncurrent Assets	486	491	691	839	903	1,251	1,308	1,525	1,108	5,293	5,155
Goodwill	117	117	120	121	122	121	122	169	159	1,622	1,622
Intangible Assets	42	34	42	32	22	14	9.57	236	201	2,544	2,271
Other Noncurrent Operating Assets	327	340	529	686	759	1,116	1,176	1,043	748	1,127	1,262
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	78	0.00	0.00	0.00
Total Liabilities & Shareholders' Equity	2,158	2,397	2,955	3,414	3,915	4,884	5,349	6,389	7,730	16,329	15,449
Total Liabilities	1,115	1,263	1,217	1,566	1,999	2,834	2,962	3,707	3,870	11,257	10,804
Total Current Liabilities	268	280	326	466	485	605	708	770	957	1,296	1,677
Short-Term Debt	-	-	0.29	45	20	30	30	35	38	58	504
Accounts Payable	77	96	100	157	157	184	145	201	272	287	264
Accrued Expenses	191	184	225	264	308	391	533	483	647	951	909
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	52	0.00	0.00	0.00
Total Noncurrent Liabilities	846	983	891	1,100	1,514	2,229	2,254	2,936	2,913	9,961	9,128
Long-Term Debt	846	983	891	1,100	1,514	1,822	1,803	2,451	2,422	7,129	6,532
Other Noncurrent Operating Liabilities	-	-	-	-	-	407	451	469	492	2,832	2,595
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	16	0.00	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,044	1,134	1,738	1,848	1,916	2,050	2,387	2,683	3,861	5,073	4,645
Total Preferred & Common Equity	1,039	1,129	1,735	1,837	1,908	2,028	2,351	2,634	3,824	5,025	4,554
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,039	1,129	1,735	1,837	1,908	2,028	2,351	2,634	3,824	5,025	4,554
Common Stock	786	855	1,440	1,536	1,657	1,788	2,093	2,422	2,541	4,797	4,926
Retained Earnings	252	274	297	286	246	245	249	234	1,318	249	-326
Accumulated Other Comprehensive Income / (Loss)	0.15	0.01	-2.50	16	5.34	-6.05	9.80	-22	-35	-21	-47
Noncontrolling Interest	5.15	5.32	3.31	11	8.33	22	36	49	36	47	91

This table presents Viasat's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2021	6/30/2022	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024
Total Assets	6,087	6,483	6,510	6,802	17,898	17,072	16,651	16,088	17,755	15,600
Total Current Assets	1,028	1,128	1,147	1,252	3,426	4,059	3,736	3,327	5,061	2,842
Cash & Equivalents	166	222	149	182	1,959	1,962	1,621	1,812	3,530	1,556
Restricted Cash	-	-	-	-	34	7.18	0.00	-	0.00	0.00
Short-Term Investments	-	-	-	-	134	-	30	-	0.00	0.00
Accounts Receivable	363	372	320	369	631	664	676	695	717	649
Inventories, net	354	362	244	261	336	346	354	330	327	320
Prepaid Expenses	145	173	148	157	334	1,080	1,056	491	487	316
Plant, Property, & Equipment, net	3,603	3,864	4,003	4,198	9,163	7,708	7,374	7,532	7,486	7,556
Total Noncurrent Assets	1,456	1,491	1,360	1,352	5,308	5,305	5,540	5,229	5,208	5,203
Goodwill	191	187	162	166	1,592	1,376	1,614	1,621	1,624	1,620
Intangible Assets	238	222	211	207	2,546	2,772	2,774	2,475	2,411	2,338
Other Noncurrent Operating Assets	1,027	1,081	987	978	1,170	1,157	1,153	1,132	1,173	1,245
Total Liabilities & Shareholders' Equity	6,087	6,483	6,510	6,802	17,898	17,072	16,651	16,088	17,755	15,600
Total Liabilities	3,411	3,781	3,882	4,180	11,922	11,844	11,505	11,000	12,746	10,754
Total Current Liabilities	787	726	804	851	1,471	1,549	1,377	1,080	3,524	1,580
Short-Term Debt	30	38	39	41	60	63	63	58	2,378	507
Accounts Payable	251	247	245	300	378	389	315	231	247	219
Accrued Expenses	506	441	453	446	1,034	1,098	999	791	899	855
Total Noncurrent Liabilities	2,624	3,055	3,078	3,329	10,450	10,295	10,128	9,920	9,222	9,174
Long-Term Debt	2,149	2,590	2,647	2,899	7,218	7,228	7,223	7,129	6,405	6,536
Other Noncurrent Operating Liabilities	475	465	431	429	3,232	3,067	2,906	2,792	2,817	2,638
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,676	2,702	2,628	2,622	5,976	5,228	5,146	5,088	5,009	4,846
Total Preferred & Common Equity	2,634	2,653	2,597	2,589	5,940	5,190	5,103	5,029	4,935	4,761
Total Common Equity	2,634	2,653	2,597	2,589	5,940	5,190	5,103	5,029	4,935	4,761
Common Stock	2,398	2,483	2,497	2,506	4,718	4,753	4,768	4,845	4,879	4,899
Retained Earnings	263	212	164	121	1,241	474	350	217	79	-79
Accumulated Other Comprehensive Income / (Loss)	-26	-42	-64	-39	-20	-37	-15	-32	-22	-59
Noncontrolling Interest	41	49	32	33	36	38	43	58	74	86

This table displays calculated financial ratios and metrics derived from Viasat's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/3/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.30%	2.52%	10.01%	2.26%	29.70%	11.65%	-16.82%	25.84%	5.75%	67.59%	5.50%
EBITDA Growth	61.70%	-7.02%	-0.29%	-45.73%	68.35%	47.52%	-7.74%	10.05%	-10.59%	-22.52%	368.16%
EBIT Growth	2,420.28%	-50.54%	-11.33%	-380.87%	40.80%	163.38%	-219.60%	-137.25%	-42.04%	-474.59%	87.92%
NOPAT Growth	2,573.66%	-17.61%	-38.54%	-306.41%	34.24%	692.40%	-112.80%	-146.21%	-37.84%	-470.55%	89.04%
Net Income Growth	560.79%	-45.43%	-0.01%	-413.66%	2.65%	120.78%	23.80%	-114.52%	44,028.63%	-196.99%	49.80%
EPS Growth	500.00%	-47.62%	2.27%	-355.56%	1.74%	100.00%	0.00%	-450.00%	6,904.76%	-163.82%	50.88%
Operating Cash Flow Growth	70.38%	-15.04%	38.51%	-12.80%	-8.67%	33.39%	66.44%	-30.47%	-27.25%	87.08%	31.97%
Free Cash Flow Firm Growth	-7.08%	5.84%	-110.62%	-23.90%	36.52%	48.91%	-127.62%	-124.30%	50.55%	-1,415.64%	103.67%
Invested Capital Growth	16.46%	12.92%	20.44%	16.89%	9.12%	12.84%	9.09%	18.52%	6.22%	109.67%	-2.80%
Revenue Q/Q Growth	1.53%	0.51%	2.93%	1.48%	0.00%	0.00%	-32.37%	11.91%	6.15%	12.74%	-0.06%
EBITDA Q/Q Growth	10.73%	-3.51%	-0.78%	-20.37%	72.22%	-10.20%	-16.87%	5.39%	1.33%	2,850.39%	-10.01%
EBIT Q/Q Growth	33.40%	-22.86%	-11.67%	-81.37%	61.53%	-56.45%	-206.32%	-1.11%	2.27%	7.58%	-289.85%
NOPAT Q/Q Growth	3.36%	14.29%	-16.05%	-63.28%	61.53%	307.01%	-190.11%	-1.07%	2.25%	7.58%	-272.23%
Net Income Q/Q Growth	37.73%	-12.28%	-0.63%	-53.39%	27.24%	-3.26%	127.35%	-107.38%	934.70%	-544.96%	-37.49%
EPS Q/Q Growth	40.00%	-13.73%	4.65%	-61.97%	45.41%	-100.00%	300.00%	-167.74%	864.17%	-217.07%	-21.08%
Operating Cash Flow Q/Q Growth	2.30%	-0.21%	5.43%	-5.92%	12.68%	7.55%	3.75%	-9.09%	-15.80%	35.88%	7.90%
Free Cash Flow Firm Q/Q Growth	-68.88%	20.08%	-51.62%	8.64%	28.27%	66.66%	-120.01%	10.41%	31.76%	4.00%	-54.45%
Invested Capital Q/Q Growth	5.30%	2.57%	7.75%	3.86%	1.75%	-1.94%	1.47%	-0.80%	-4.27%	-3.91%	-2.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.28%	30.55%	32.73%	29.71%	25.65%	30.29%	29.42%	29.20%	28.22%	32.25%	32.97%
EBITDA Margin	22.03%	19.98%	18.11%	9.61%	12.47%	16.48%	18.28%	15.99%	13.52%	6.25%	27.73%
Operating Margin	6.01%	2.90%	2.34%	-5.78%	-2.93%	1.66%	-2.39%	-4.68%	-6.10%	-20.77%	-2.16%
EBIT Margin	6.01%	2.90%	2.34%	-6.42%	-2.93%	1.66%	-2.39%	-4.51%	-6.06%	-20.77%	-2.38%
Profit (Net Income) Margin	2.89%	1.54%	1.40%	-4.28%	-3.21%	0.60%	0.89%	-0.10%	42.67%	-24.70%	-11.75%
Tax Burden Percent	74.26%	123.71%	85.75%	64.73%	60.16%	967.30%	-21.87%	1.80%	-672.66%	88.61%	97.40%
Interest Burden Percent	64.61%	42.80%	69.62%	102.99%	182.25%	3.72%	170.17%	126.50%	104.71%	134.18%	507.46%
Effective Tax Rate	25.74%	-23.71%	14.25%	0.00%	0.00%	-554.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.62%	2.60%	1.37%	-2.38%	-1.39%	7.41%	-0.86%	-1.85%	-2.28%	-8.14%	-0.67%
ROIC Less NNEP Spread (ROIC-NNEP)	0.55%	-0.75%	0.25%	-2.79%	-3.44%	-9.44%	2.34%	2.53%	76.44%	-21.81%	-9.31%
Return on Net Nonoperating Assets (RNNOA)	0.39%	-0.60%	0.15%	-1.43%	-2.14%	-6.71%	1.63%	1.75%	35.62%	-15.54%	-10.26%
Return on Equity (ROE)	4.01%	2.00%	1.52%	-3.81%	-3.53%	0.70%	0.77%	-0.10%	33.34%	-23.69%	-10.93%
Cash Return on Invested Capital (CROIC)	-11.60%	-9.53%	-17.17%	-17.96%	-10.11%	-4.65%	-9.55%	-18.80%	-8.31%	-78.97%	2.17%
Operating Return on Assets (OROA)	4.04%	1.81%	1.36%	-3.22%	-1.65%	0.87%	-0.90%	-1.86%	-2.19%	-7.40%	-0.68%
Return on Assets (ROA)	1.94%	0.96%	0.81%	-2.14%	-1.81%	0.31%	0.33%	-0.04%	15.45%	-8.79%	-3.34%
Return on Common Equity (ROCE)	3.99%	1.99%	1.51%	-3.79%	-3.51%	0.69%	0.76%	-0.10%	32.91%	-23.46%	-10.78%
Return on Equity Simple (ROE_SIMPLE)	3.84%	1.93%	1.25%	-3.72%	-3.48%	0.68%	0.73%	-0.09%	28.52%	-21.05%	-11.66%
Net Operating Profit after Tax (NOPAT)	62	51	31	-65	-42	251	-32	-79	-109	-623	-68
NOPAT Margin	4.47%	3.59%	2.00%	-4.05%	-2.05%	10.89%	-1.67%	-3.28%	-4.27%	-14.54%	-1.51%
Net Nonoperating Expense Percent (NNEP)	3.07%	3.35%	1.12%	0.41%	2.05%	16.85%	-3.19%	-4.38%	-78.72%	13.67%	8.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-1.73%	-5.08%	-0.58%
Cost of Revenue to Revenue	69.72%	69.45%	67.27%	70.29%	74.35%	69.71%	70.58%	70.80%	71.78%	67.75%	67.03%
SG&A Expenses to Revenue	19.59%	21.05%	21.39%	24.17%	22.17%	22.65%	25.88%	26.51%	28.11%	44.21%	26.13%
R&D to Revenue	3.38%	5.45%	8.31%	10.56%	5.95%	5.65%	5.65%	6.18%	5.04%	3.52%	3.15%
Operating Expenses to Revenue	24.27%	27.65%	30.39%	35.49%	28.58%	28.63%	31.82%	33.88%	34.32%	53.03%	35.12%
Earnings before Interest and Taxes (EBIT)	83	41	36	-102	-61	38	-46	-109	-155	-890	-107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	305	283	282	153	258	381	351	386	346	268	1,253
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.75	3.18	2.12	2.11	2.46	1.10	1.40	1.38	0.68	0.45	0.30
Price to Tangible Book Value (P/TBV)	3.25	3.67	2.34	2.30	2.66	1.18	1.48	1.63	0.75	2.64	2.04
Price to Revenue (P/Rev)	2.07	2.53	2.36	2.43	2.27	0.97	1.71	1.50	1.01	0.53	0.30
Price to Earnings (P/E)	70.80	165.17	154.64	0.00	0.00	0.00	892.18	0.00	2.38	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.41%	0.61%	0.65%	0.00%	0.00%	0.00%	0.11%	0.00%	41.97%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.99	2.19	1.78	1.70	1.87	1.06	1.24	1.26	0.75	0.73	0.68
Enterprise Value to Revenue (EV/Rev)	2.65	3.20	2.85	3.11	2.89	1.65	2.53	2.42	1.45	1.77	1.52
Enterprise Value to EBITDA (EV/EBITDA)	12.01	16.02	15.72	32.33	23.13	9.99	13.86	15.15	10.71	28.39	5.47
Enterprise Value to EBIT (EV/EBIT)	43.99	110.34	121.78	0.00	0.00	98.94	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	59.23	89.19	142.02	0.00	0.00	15.12	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.46	15.28	10.80	13.81	18.22	8.70	6.69	11.58	10.06	11.04	7.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.87	0.51	0.62	0.80	0.90	0.77	0.93	0.64	1.42	1.51
Long-Term Debt to Equity	0.81	0.87	0.51	0.60	0.79	0.89	0.76	0.91	0.63	1.41	1.41
Financial Leverage	0.72	0.80	0.59	0.51	0.62	0.71	0.70	0.69	0.47	0.71	1.10
Leverage Ratio	2.07	2.09	1.86	1.78	1.95	2.22	2.31	2.32	2.16	2.69	3.27
Compound Leverage Factor	1.34	0.90	1.30	1.83	3.55	0.08	3.92	2.93	2.26	3.61	16.60
Debt to Total Capital	44.78%	46.42%	33.90%	38.25%	44.46%	47.45%	43.44%	48.10%	38.92%	58.62%	60.24%
Short-Term Debt to Total Capital	0.00%	0.00%	0.01%	1.51%	0.58%	0.76%	0.72%	0.68%	0.60%	0.47%	4.31%
Long-Term Debt to Total Capital	44.78%	46.42%	33.89%	36.74%	43.88%	46.69%	42.71%	47.42%	38.31%	58.15%	55.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.27%	0.25%	0.13%	0.36%	0.24%	0.57%	0.85%	0.94%	0.57%	0.38%	0.78%
Common Equity to Total Capital	54.95%	53.33%	65.97%	61.38%	55.30%	51.97%	55.72%	50.96%	60.51%	40.99%	38.99%
Debt to EBITDA	2.78	3.47	3.16	7.47	5.94	4.86	5.22	6.43	7.12	26.85	5.61
Net Debt to EBITDA	2.61	3.32	2.70	7.01	4.93	4.07	4.38	5.63	3.13	19.75	4.33
Long-Term Debt to EBITDA	2.78	3.47	3.16	7.18	5.87	4.79	5.13	6.34	7.01	26.63	5.21
Debt to NOPAT	13.71	19.32	28.52	-17.74	-36.14	7.37	-56.99	-31.39	-22.53	-11.54	-103.11
Net Debt to NOPAT	12.86	18.49	24.35	-16.64	-29.98	6.15	-47.79	-27.47	-9.89	-8.49	-79.49
Long-Term Debt to NOPAT	13.71	19.32	28.51	-17.04	-35.67	7.25	-56.04	-30.95	-22.18	-11.45	-95.73
Altman Z-Score	2.59	2.63	2.64	2.02	2.09	1.15	1.13	1.03	1.10	0.39	0.41
Noncontrolling Interest Sharing Ratio	0.54%	0.48%	0.30%	0.39%	0.51%	0.77%	1.31%	1.67%	1.30%	0.93%	1.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.86	1.89	1.31	1.83	1.73	1.40	1.51	2.35	2.68	1.72
Quick Ratio	1.19	1.17	1.21	0.73	1.16	1.05	0.75	0.81	1.85	1.99	1.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-198	-187	-393	-487	-309	-158	-359	-806	-399	-6,041	222
Operating Cash Flow to CapEx	95.37%	78.58%	84.43%	70.10%	52.59%	62.96%	87.91%	51.06%	31.59%	44.71%	88.16%
Free Cash Flow to Firm to Interest Expense	-6.30	-7.24	-32.51	-120.89	-6.18	-4.09	-10.99	-27.42	-14.87	-15.09	0.43
Operating Cash Flow to Interest Expense	11.11	11.53	34.04	89.08	6.55	11.31	22.25	17.20	13.72	1.72	1.74
Operating Cash Flow Less CapEx to Interest Expense	-0.54	-3.14	-6.28	-38.00	-5.90	-6.65	-3.06	-16.49	-29.71	-2.13	-0.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.62	0.58	0.50	0.56	0.52	0.38	0.41	0.36	0.36	0.28
Accounts Receivable Turnover	5.14	5.13	5.67	6.00	7.28	7.32	6.75	8.78	6.98	7.80	6.56
Inventory Turnover	7.77	7.20	6.80	6.24	7.14	6.09	4.30	6.40	7.87	9.90	9.90
Fixed Asset Turnover	1.24	1.11	1.03	0.88	1.01	0.98	0.68	0.72	0.63	0.72	0.60
Accounts Payable Turnover	10.97	11.41	10.71	8.70	9.77	9.44	8.25	9.90	7.77	10.39	10.99
Days Sales Outstanding (DSO)	71.05	71.21	64.42	60.82	50.12	49.87	54.09	41.59	52.27	46.78	55.63
Days Inventory Outstanding (DIO)	46.95	50.71	53.65	58.54	51.13	59.97	84.96	57.01	46.39	36.88	36.86
Days Payable Outstanding (DPO)	33.28	32.00	34.09	41.97	37.36	38.65	44.25	36.88	46.97	35.14	33.22
Cash Conversion Cycle (CCC)	84.72	89.93	83.99	77.38	63.89	71.19	94.80	61.72	51.69	48.53	59.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,838	2,075	2,499	2,922	3,188	3,597	3,924	4,651	4,941	10,359	10,069
Invested Capital Turnover	0.81	0.72	0.68	0.59	0.68	0.68	0.51	0.56	0.53	0.56	0.44
Increase / (Decrease) in Invested Capital	260	237	424	422	267	409	327	727	289	5,418	-290
Enterprise Value (EV)	3,657	4,537	4,440	4,954	5,968	3,801	4,866	5,855	3,701	7,600	6,860
Market Capitalization	2,858	3,591	3,675	3,870	4,687	2,232	3,293	3,630	2,584	2,267	1,345
Book Value per Share	$21.80	$23.10	$30.12	$31.20	$31.54	$32.64	$34.33	$35.40	$50.07	$40.10	$35.27
Tangible Book Value per Share	$18.45	$20.02	$27.32	$28.60	$29.16	$30.46	$32.40	$29.96	$45.36	$6.86	$5.12
Total Capital	1,890	2,117	2,629	2,993	3,450	3,902	4,220	5,169	6,320	12,260	11,681
Total Debt	846	983	891	1,145	1,534	1,851	1,833	2,486	2,459	7,187	7,036
Total Long-Term Debt	846	983	891	1,100	1,514	1,822	1,803	2,451	2,422	7,129	6,532
Net Debt	794	941	761	1,073	1,272	1,547	1,537	2,176	1,080	5,286	5,424
Capital Expenditures (CapEx)	366	378	487	512	623	694	827	990	1,164	1,539	1,030
Debt-free, Cash-free Net Working Capital (DFCFNWC)	171	199	160	120	160	167	17	114	-54	340	103
Debt-free Net Working Capital (DFNWC)	223	242	290	191	422	471	313	424	1,326	2,241	1,715
Net Working Capital (NWC)	223	242	289	146	402	441	283	389	1,288	2,183	1,211
Net Nonoperating Expense (NNE)	22	29	9.50	3.74	24	238	-49	-77	-1,200	435	463
Net Nonoperating Obligations (NNO)	794	941	761	1,073	1,272	1,547	1,537	1,969	1,080	5,286	5,424
Total Depreciation and Amortization (D&A)	221	242	246	256	319	342	397	495	500	1,158	1,361
Debt-free, Cash-free Net Working Capital to Revenue	12.38%	14.07%	10.23%	7.52%	7.73%	7.21%	0.90%	4.70%	-2.10%	7.94%	2.28%
Debt-free Net Working Capital to Revenue	16.16%	17.04%	18.57%	12.00%	20.39%	20.39%	16.31%	17.54%	51.86%	52.32%	37.95%
Net Working Capital to Revenue	16.16%	17.04%	18.56%	9.16%	19.42%	19.10%	14.72%	16.10%	50.38%	50.96%	26.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.86	$0.45	$0.45	($1.15)	($1.13)	$0.00	$0.06	($0.21)	$14.29	($9.12)	($4.48)
Adjusted Weighted Average Basic Shares Outstanding	47.14M	48.46M	52.32M	58.44M	59.94M	61.63M	66.44M	73.40M	75.92M	117.19M	128.48M
Adjusted Diluted Earnings per Share	$0.84	$0.44	$0.45	($1.15)	($1.13)	$0.00	$0.06	($0.21)	$14.29	($9.12)	($4.48)
Adjusted Weighted Average Diluted Shares Outstanding	48.29M	49.45M	53.40M	58.44M	59.94M	61.63M	67.02M	73.40M	75.92M	117.19M	128.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($1.13)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.71M	48.94M	57.63M	58.91M	60.60M	62.15M	72.53M	74.44M	76.91M	125.86M	130.32M
Normalized Net Operating Profit after Tax (NOPAT)	62	29	31	-65	-42	27	-32	-79	-109	-623	-68
Normalized NOPAT Margin	4.47%	2.03%	2.00%	-4.05%	-2.05%	1.16%	-1.67%	-3.28%	-4.27%	-14.54%	-1.51%
Pre Tax Income Margin	3.89%	1.24%	1.63%	-6.61%	-5.34%	0.06%	-4.07%	-5.71%	-6.34%	-27.87%	-12.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.64	1.60	3.02	-25.44	-1.21	0.99	-1.41	-3.71	-5.78	-2.22	-0.21
NOPAT to Interest Expense	1.96	1.98	2.59	-16.03	-0.85	6.51	-0.98	-2.69	-4.07	-1.56	-0.13
EBIT Less CapEx to Interest Expense	-9.01	-13.08	-37.30	-152.52	-13.67	-16.97	-26.71	-37.40	-49.21	-6.07	-2.18
NOPAT Less CapEx to Interest Expense	-9.69	-12.70	-37.73	-143.11	-13.30	-11.45	-26.29	-36.39	-47.50	-5.40	-2.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.75%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.75%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Viasat's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.93%	4.19%	28.62%	35.60%	84.67%	73.24%	72.65%	44.46%	-8.42%	-0.42%	-0.25%
EBITDA Growth	25.79%	-5.27%	9.12%	94.37%	-464.55%	212.45%	477.16%	193.80%	169.40%	-13.77%	-41.38%
EBIT Growth	119.54%	-8.98%	4.71%	25.37%	-16,962.26%	-40.26%	100.41%	243.88%	96.54%	-94.32%	-52,230.51%
NOPAT Growth	-175.17%	-8.98%	4.71%	26.70%	-1,097.57%	-40.26%	100.41%	243.88%	96.93%	148.38%	-52,230.51%
Net Income Growth	-1,023.42%	-913.16%	5,640.37%	-265.52%	-1,510.23%	-195.24%	-107.99%	71.80%	84.09%	-23.09%	-151.01%
EPS Growth	-1,700.00%	-511.11%	4,143.59%	-186.21%	-862.50%	-80.00%	-107.23%	68.67%	82.63%	-24.24%	-68.42%
Operating Cash Flow Growth	15.88%	-43.57%	-57.87%	161.54%	16.17%	49.27%	361.67%	45.75%	9.23%	64.31%	28.65%
Free Cash Flow Firm Growth	50.88%	41.25%	56.38%	-867.49%	-1,451.32%	-1,043.01%	-1,492.14%	111.68%	104.38%	108.19%	103.37%
Invested Capital Growth	7.62%	10.07%	6.22%	117.80%	113.27%	108.87%	109.67%	-5.97%	-2.72%	-4.15%	-2.80%
Revenue Q/Q Growth	15.39%	-1.83%	2.25%	17.07%	57.15%	-7.91%	1.90%	-2.05%	-0.37%	0.13%	2.07%
EBITDA Q/Q Growth	88.68%	-27.48%	-42.14%	145.48%	-453.89%	162.16%	6.88%	24.96%	-16.41%	-22.76%	-27.34%
EBIT Q/Q Growth	108.58%	-756.14%	-132.16%	42.89%	-1,838.21%	94.54%	100.67%	20,149.15%	-146.67%	-206.13%	-80.20%
NOPAT Q/Q Growth	-18.63%	53.40%	-132.16%	42.89%	-1,838.21%	94.54%	100.67%	20,149.15%	-141.31%	186.10%	-823.76%
Net Income Q/Q Growth	-126.04%	15.00%	3,067.89%	-106.41%	-895.76%	84.41%	19.64%	77.39%	-461.61%	-20.62%	-63.87%
EPS Q/Q Growth	-120.69%	14.06%	2,967.27%	-105.26%	-642.17%	83.93%	-15.15%	77.19%	-311.54%	-14.95%	-56.10%
Operating Cash Flow Q/Q Growth	375.55%	-52.53%	-43.84%	106.30%	111.23%	-39.00%	73.68%	-34.87%	58.30%	-8.25%	35.99%
Free Cash Flow Firm Q/Q Growth	36.41%	-24.35%	31.15%	-1,677.10%	-1.97%	8.38%	4.10%	113.04%	-61.77%	71.29%	-60.53%
Invested Capital Q/Q Growth	-3.17%	4.33%	-4.27%	125.22%	-5.19%	2.18%	-3.91%	1.00%	-1.91%	0.68%	-2.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.41%	25.85%	26.13%	30.12%	37.47%	32.01%	28.38%	36.90%	30.94%	32.20%	31.85%
EBITDA Margin	19.47%	14.38%	8.14%	17.06%	-38.43%	25.94%	27.20%	34.71%	29.12%	22.46%	15.99%
Operating Margin	0.71%	-4.81%	-10.91%	-5.32%	-65.66%	-3.89%	0.03%	5.30%	-2.20%	1.89%	-13.41%
EBIT Margin	0.72%	-4.81%	-10.91%	-5.32%	-65.66%	-3.89%	0.03%	5.30%	-2.48%	-7.59%	-13.41%
Profit (Net Income) Margin	-7.17%	-6.21%	180.12%	-9.86%	-62.49%	-10.58%	-8.34%	-1.93%	-10.85%	-13.07%	-20.99%
Tax Burden Percent	-684.95%	102.26%	-1,759.50%	98.26%	89.21%	76.24%	95.14%	93.28%	102.07%	90.62%	100.05%
Interest Burden Percent	145.49%	126.26%	93.80%	188.52%	106.67%	356.42%	-34,172.20%	-38.92%	428.01%	189.95%	156.46%
Effective Tax Rate	1,103.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.54%	-1.65%	-4.07%	-1.27%	-19.71%	-1.30%	0.01%	1.59%	-0.67%	0.57%	-4.15%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.56%	-2.46%	77.97%	-2.53%	-25.01%	-3.47%	-3.01%	0.39%	-2.65%	-2.34%	-6.64%
Return on Net Nonoperating Assets (RNNOA)	-2.85%	-2.11%	36.33%	-2.21%	-24.33%	-3.65%	-2.14%	0.37%	-2.73%	-2.61%	-7.32%
Return on Equity (ROE)	-6.39%	-3.76%	32.26%	-3.47%	-44.04%	-4.95%	-2.13%	1.96%	-3.40%	-2.04%	-11.47%
Cash Return on Invested Capital (CROIC)	-9.65%	-11.86%	-8.31%	-75.35%	-80.90%	-78.95%	-78.97%	1.04%	2.70%	4.62%	2.17%
Operating Return on Assets (OROA)	0.27%	-1.80%	-3.95%	-1.21%	-18.50%	-1.26%	0.01%	1.45%	-0.65%	-2.13%	-3.81%
Return on Assets (ROA)	-2.73%	-2.32%	65.22%	-2.23%	-17.61%	-3.43%	-2.97%	-0.52%	-2.82%	-3.67%	-5.97%
Return on Common Equity (ROCE)	-6.30%	-3.70%	31.84%	-3.44%	-43.65%	-4.90%	-2.11%	1.94%	-3.37%	-2.01%	-11.31%
Return on Equity Simple (ROE_SIMPLE)	-3.63%	-5.05%	0.00%	17.42%	6.10%	4.66%	0.00%	-19.94%	-7.27%	-8.11%	0.00%
Net Operating Profit after Tax (NOPAT)	-47	-22	-51	-29	-563	-31	0.21	42	-17	15	-108
NOPAT Margin	-7.09%	-3.36%	-7.64%	-3.73%	-45.97%	-2.72%	0.02%	3.71%	-1.54%	1.32%	-9.38%
Net Nonoperating Expense Percent (NNEP)	0.02%	0.81%	-82.05%	1.27%	5.30%	2.17%	3.02%	1.21%	1.98%	2.91%	2.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-0.25%	-	-	-	0.13%	-0.92%
Cost of Revenue to Revenue	66.59%	74.15%	73.87%	69.88%	62.53%	67.99%	71.62%	63.10%	69.06%	67.80%	68.15%
SG&A Expenses to Revenue	26.70%	25.00%	31.07%	28.16%	93.76%	24.08%	22.03%	22.29%	24.28%	21.18%	36.57%
R&D to Revenue	4.89%	4.52%	4.85%	3.72%	2.73%	3.70%	4.04%	3.42%	2.98%	3.27%	2.94%
Operating Expenses to Revenue	32.70%	30.66%	37.04%	35.44%	103.13%	35.90%	28.36%	31.59%	33.14%	30.31%	45.25%
Earnings before Interest and Taxes (EBIT)	4.77	-31	-73	-42	-805	-44	0.30	60	-28	-85	-154
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	129	94	54	133	-471	293	313	391	327	252	183
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.88	0.92	0.68	0.53	0.44	0.68	0.45	0.32	0.31	0.23	0.30
Price to Tangible Book Value (P/TBV)	1.03	1.08	0.75	1.76	2.20	4.86	2.64	1.71	1.69	1.36	2.04
Price to Revenue (P/Rev)	0.96	0.99	1.01	1.15	0.69	0.92	0.53	0.35	0.34	0.24	0.30
Price to Earnings (P/E)	0.00	0.00	2.38	3.08	7.38	15.25	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	41.97%	32.44%	13.55%	6.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.98	1.00	0.75	0.75	0.73	0.85	0.73	0.67	0.67	0.65	0.68
Enterprise Value to Revenue (EV/Rev)	2.04	2.15	1.45	3.03	2.30	2.41	1.77	1.52	1.51	1.47	1.52
Enterprise Value to EBITDA (EV/EBITDA)	14.01	15.20	10.71	20.39	0.00	1,009.14	28.39	13.38	5.17	4.79	5.47
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	117.75	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	168.21	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.59	11.87	10.06	19.36	16.55	18.08	11.04	9.56	9.07	7.92	7.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	62.49	24.36	13.68	30.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	1.12	0.64	1.22	1.39	1.42	1.42	1.41	1.75	1.45	1.51
Long-Term Debt to Equity	1.01	1.11	0.63	1.21	1.38	1.40	1.41	1.40	1.28	1.35	1.41
Financial Leverage	0.80	0.86	0.47	0.87	0.97	1.05	0.71	0.95	1.03	1.11	1.10
Leverage Ratio	2.36	2.43	2.16	2.81	3.00	3.02	2.69	3.07	3.40	3.23	3.27
Compound Leverage Factor	3.43	3.07	2.02	5.30	3.20	10.76	-920.37	-1.20	14.56	6.13	5.12
Debt to Total Capital	50.54%	52.86%	38.92%	54.91%	58.24%	58.61%	58.62%	58.55%	63.68%	59.24%	60.24%
Short-Term Debt to Total Capital	0.73%	0.74%	0.60%	0.45%	0.50%	0.51%	0.47%	0.47%	17.24%	4.26%	4.31%
Long-Term Debt to Total Capital	49.81%	52.12%	38.31%	54.46%	57.74%	58.10%	58.15%	58.08%	46.44%	54.97%	55.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.60%	0.60%	0.57%	0.27%	0.30%	0.34%	0.38%	0.48%	0.54%	0.72%	0.78%
Common Equity to Total Capital	48.87%	46.54%	60.51%	44.81%	41.46%	41.05%	40.99%	40.97%	35.78%	40.04%	38.99%
Debt to EBITDA	7.76	8.62	7.12	17.75	-38.38	802.89	26.85	13.67	6.62	5.06	5.61
Net Debt to EBITDA	7.33	8.09	3.13	12.56	-28.02	620.92	19.75	10.23	3.96	3.94	4.33
Long-Term Debt to EBITDA	7.65	8.50	7.01	17.60	-38.05	795.96	26.63	13.56	4.83	4.69	5.21
Debt to NOPAT	-24.44	-26.33	-22.53	-73.83	-10.96	-10.81	-11.54	-13.02	-1,464.75	177.76	-103.11
Net Debt to NOPAT	-23.08	-24.70	-9.89	-52.25	-8.00	-8.36	-8.49	-9.74	-876.08	138.47	-79.49
Long-Term Debt to NOPAT	-24.09	-25.96	-22.18	-73.22	-10.87	-10.72	-11.45	-12.91	-1,068.16	164.96	-95.73
Altman Z-Score	0.82	0.78	1.14	0.53	0.37	0.60	0.57	0.57	0.43	0.42	0.40
Noncontrolling Interest Sharing Ratio	1.33%	1.41%	1.30%	0.99%	0.88%	0.98%	0.93%	0.86%	1.09%	1.28%	1.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.47	2.35	2.33	2.62	2.71	2.68	3.08	1.44	1.80	1.72
Quick Ratio	0.58	0.65	1.85	1.85	1.69	1.69	1.99	2.32	1.21	1.40	1.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-397	-494	-340	-6,047	-6,166	-5,650	-5,418	706	270	462	183
Operating Cash Flow to CapEx	66.38%	30.24%	16.02%	27.65%	59.87%	31.74%	61.39%	50.19%	104.54%	86.87%	120.47%
Free Cash Flow to Firm to Interest Expense	-85.70	-56.51	-45.07	-108.11	-71.57	-42.31	-43.43	6.68	2.34	4.90	0.89
Operating Cash Flow to Interest Expense	40.64	10.23	6.65	1.85	2.54	1.00	1.86	1.43	2.07	2.32	1.45
Operating Cash Flow Less CapEx to Interest Expense	-20.58	-23.60	-34.87	-4.85	-1.70	-2.15	-1.17	-1.42	0.09	-0.35	0.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.37	0.36	0.23	0.28	0.32	0.36	0.27	0.26	0.28	0.28
Accounts Receivable Turnover	6.91	6.58	6.98	5.51	6.75	7.27	7.80	6.99	6.55	6.83	6.56
Inventory Turnover	5.68	5.60	7.87	5.62	7.75	8.37	9.90	9.22	9.15	9.12	9.90
Fixed Asset Turnover	0.64	0.62	0.63	0.42	0.57	0.66	0.72	0.55	0.60	0.61	0.60
Accounts Payable Turnover	7.68	6.25	7.77	6.29	7.22	8.36	10.39	10.08	9.69	11.52	10.99
Days Sales Outstanding (DSO)	52.83	55.47	52.27	66.28	54.09	50.17	46.78	52.24	55.70	53.46	55.63
Days Inventory Outstanding (DIO)	64.26	65.17	46.39	64.89	47.09	43.62	36.88	39.58	39.90	40.03	36.86
Days Payable Outstanding (DPO)	47.51	58.45	46.97	58.06	50.57	43.64	35.14	36.20	37.68	31.68	33.22
Cash Conversion Cycle (CCC)	69.58	62.19	51.69	73.11	50.60	50.15	48.53	55.62	57.91	61.81	59.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,947	5,161	4,941	11,127	10,550	10,780	10,359	10,463	10,263	10,332	10,069
Invested Capital Turnover	0.50	0.49	0.53	0.34	0.43	0.48	0.56	0.43	0.44	0.43	0.44
Increase / (Decrease) in Invested Capital	350	472	289	6,018	5,603	5,619	5,418	-665	-287	-448	-290
Enterprise Value (EV)	4,852	5,184	3,701	8,361	7,650	9,157	7,600	7,032	6,853	6,664	6,860
Market Capitalization	2,284	2,392	2,584	3,173	2,290	3,480	2,267	1,598	1,526	1,093	1,345
Book Value per Share	$34.37	$34.25	$50.07	$77.22	$41.84	$40.99	$40.10	$39.96	$38.63	$37.08	$35.27
Tangible Book Value per Share	$29.43	$29.31	$45.36	$23.42	$8.40	$5.75	$6.86	$7.41	$7.05	$6.25	$5.12
Total Capital	5,314	5,562	6,320	13,254	12,519	12,431	12,260	12,274	13,792	11,889	11,681
Total Debt	2,686	2,940	2,459	7,278	7,291	7,285	7,187	7,187	8,783	7,043	7,036
Total Long-Term Debt	2,647	2,899	2,422	7,218	7,228	7,223	7,129	7,129	6,405	6,536	6,532
Net Debt	2,536	2,758	1,080	5,151	5,322	5,634	5,286	5,375	5,253	5,486	5,424
Capital Expenditures (CapEx)	284	296	314	375	366	421	378	301	229	253	248
Debt-free, Cash-free Net Working Capital (DFCFNWC)	233	260	-54	-112	604	771	340	494	386	212	103
Debt-free Net Working Capital (DFNWC)	382	442	1,326	2,015	2,572	2,423	2,241	2,305	3,915	1,768	1,715
Net Working Capital (NWC)	343	401	1,288	1,955	2,510	2,360	2,183	2,247	1,537	1,261	1,211
Net Nonoperating Expense (NNE)	0.52	19	-1,251	48	202	89	96	64	105	162	133
Net Nonoperating Obligations (NNO)	2,319	2,539	1,080	5,151	5,322	5,634	5,286	5,375	5,253	5,486	5,424
Total Depreciation and Amortization (D&A)	124	125	127	175	334	337	313	331	355	338	337
Debt-free, Cash-free Net Working Capital to Revenue	9.78%	10.80%	-2.10%	-4.06%	18.17%	20.30%	7.94%	10.66%	8.52%	4.68%	2.28%
Debt-free Net Working Capital to Revenue	16.04%	18.36%	51.86%	72.98%	77.42%	63.76%	52.32%	49.78%	86.49%	39.10%	37.95%
Net Working Capital to Revenue	14.42%	16.65%	50.38%	70.81%	75.53%	62.10%	50.96%	48.53%	33.96%	27.89%	26.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.64)	($0.55)	$15.77	($0.83)	($6.16)	($0.99)	($1.14)	($0.26)	($1.07)	($1.23)	($1.92)
Adjusted Weighted Average Basic Shares Outstanding	75.76M	76.14M	75.92M	93.11M	124.53M	125.10M	117.19M	126.58M	128.38M	128.94M	128.48M
Adjusted Diluted Earnings per Share	($0.64)	($0.55)	$15.77	($0.83)	($6.16)	($0.99)	($1.14)	($0.26)	($1.07)	($1.23)	($1.92)
Adjusted Weighted Average Diluted Shares Outstanding	75.76M	76.14M	75.92M	93.11M	124.53M	125.10M	117.19M	126.58M	128.38M	128.94M	128.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75.59M	76.37M	76.91M	124.05M	124.51M	125.32M	125.86M	127.78M	128.39M	129.12M	130.32M
Normalized Net Operating Profit after Tax (NOPAT)	3.28	-22	-51	-29	-563	-31	0.21	42	-17	15	-108
Normalized NOPAT Margin	0.49%	-3.36%	-7.64%	-3.73%	-45.97%	-2.72%	0.02%	3.71%	-1.54%	1.32%	-9.38%
Pre Tax Income Margin	1.05%	-6.07%	-10.24%	-10.04%	-70.04%	-13.87%	-8.77%	-2.06%	-10.63%	-14.43%	-20.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.03	-3.58	-9.63	-0.74	-9.34	-0.33	0.00	0.56	-0.24	-0.90	-0.75
NOPAT to Interest Expense	-10.14	-2.51	-6.74	-0.52	-6.54	-0.23	0.00	0.40	-0.15	0.16	-0.52
EBIT Less CapEx to Interest Expense	-60.19	-37.41	-51.15	-7.44	-13.58	-3.48	-3.03	-2.28	-2.23	-3.58	-1.95
NOPAT Less CapEx to Interest Expense	-71.36	-36.34	-48.27	-7.22	-10.78	-3.38	-3.03	-2.45	-2.13	-2.52	-1.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-31.83%	-22.96%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-31.83%	-22.96%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

In Q4 2025, Viasat reported flat revenue growth, strong cash generation and maintained healthy liquidity, but continued to face operating losses and elevated leverage.

Free cash flow to firm of $182.5 million in Q4 2025, up 1.0% year-over-year.
Operating cash flow of $298.4 million in Q4 2025, reflecting improved working capital management.
Current ratio of 1.72 in Q4 2025 indicates ample short-term liquidity.
Q4 2025 revenue of $1.147 billion was essentially flat year-over-year (–0.25%).
Capital expenditures of $247.7 million in Q4 2025 in line with recent investment levels.
Book value per share of $35.27 at end of Q4 2025, consistent with gradual equity growth.
NOPAT margin of –9.38% in Q4 2025 reflects ongoing operating losses.
Operating income loss of $153.8 million in Q4 2025 underscores profitability challenges.
Net debt of $5.42 billion and net debt/EBITDA of 4.33x in Q4 2025 highlight high leverage.
Interest expense of $206.2 million in Q4 2025 continues to pressure earnings.

07/17/25 11:25 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Viasat's Financials

When does Viasat's financial year end?

According to the most recent income statement we have on file, Viasat's fiscal year ends in March. Their fiscal year 2025 ended on March 31, 2025.

How has Viasat's net income changed over the last 10 years?

Viasat's net income appears to be on an upward trend, with a most recent value of -$531.13 million in 2025, falling from $39.89 million in 2015. The previous period was -$1.06 billion in 2024. Find out what analysts predict for Viasat in the coming months.

What is Viasat's operating income?

Viasat's total operating income in 2025 was -$97.48 million, based on the following breakdown:

Total Gross Profit: $1.49 billion
Total Operating Expenses: $1.59 billion

How has Viasat's revenue changed over the last 10 years?

Over the last 10 years, Viasat's total revenue changed from $1.38 billion in 2015 to $4.52 billion in 2025, a change of 226.9%.

How much debt does Viasat have?

Viasat's total liabilities were at $10.80 billion at the end of 2025, a 4.0% decrease from 2024, and a 869.3% increase since 2015.

How much cash does Viasat have?

In the past 10 years, Viasat's cash and equivalents has ranged from $42.09 million in 2016 to $1.90 billion in 2024, and is currently $1.61 billion as of their latest financial filing in 2025.

How has Viasat's book value per share changed over the last 10 years?

Over the last 10 years, Viasat's book value per share changed from 21.80 in 2015 to 35.27 in 2025, a change of 61.8%.

Related Companies

This page (NASDAQ:VSAT) was last updated on 7/17/2025 by MarketBeat.com Staff

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